Direct Investmentsand Co-investments

Joint Venture with Global Solar Developer

Overview

Caledon has formed an exclusive joint venture (“JV”) with a Canadian solar developer to provide ongoing funding for its global pipeline

Over the past seven years, the developer has originated and developed 420MW of projects (US$1.1 billion of capex)

Initial markets for the JV are the United States, Japan and India (limited to 16% of platform)

Investment Rationale

Off-market, proprietary opportunity enables CBRE Caledon to negotiate key terms such as diversification limits, developer economics and the specific requirements for inclusion of projects in each jurisdiction

Projects will be backed by 20+ year power purchase agreements with investment grade counterparties or by 20+ year Feed-In-Tariff contracts with A+ rated governments

Significant upside potential beyond base case as projects are valued over the power purchase agreement term only with no merchant sales assumed thereafter

New Zealand Gas Transmission and Distribution Utility

Overview

Gas transmission and distribution utility that operates in the North Island of New Zealand

The high pressure transmission system consists of underground pipelines and above ground station facilities serving gas shippers, with the end users including a variety of important New Zealand industries including electricity generation, dairy, meat processing, steel, refining and fertilizer

The lower pressure distribution system consists of over 60,000 connections, and primarily serves residential customers in cities and towns